| 来源类型 | Discussion paper
|
| 规范类型 | 论文
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| 来源ID | DP9759
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| DP9759 The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950 |
| YIshay Yafeh; Eugene Kandel
|
| 发表日期 | 2013-11-24
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| 出版年 | 2013
|
| 语种 | 英语
|
| 摘要 | Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1) Until the mid-20th century, US corporate ownership was unexceptional: large pyramidal groups dominated many industries; (2) About half of these resembled groups elsewhere today in being industrially diversified and family controlled; but the others were tightly focused and had widely held apex firms; (3) US business groups disappeared gradually, primarily in the 1940s, and by 1950 were largely gone; Their demise took place against growing concerns that they posed a threat to competition and even to society; (4) We establish a link between the disappearance of business groups and reforms that targeted them explicitly ? the Public Utility Holding Company Act (1935) and rising intercorporate dividend taxation (after 1935), or indirectly ? enhanced investor protection (after 1934), the Investment Company Act (1940) and escalating estate taxes. Banking reforms and rejuvenated antitrust enforcement may have indirectly contributed as well. These reforms, sustained in a lasting anti-big business climate, promoted the dissolution of existing groups and discouraged the formation of new ones. Thus, a multi-pronged reform agenda, sustained by a supportive political climate, created an economy of freestanding firms. |
| 主题 | Economic History
; Financial Economics
|
| 关键词 | Corporate groups
Corporate ownership
Us financial history
New deal
|
| URL | https://cepr.org/publications/dp9759
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538595
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推荐引用方式
GB/T 7714 |
YIshay Yafeh,Eugene Kandel. DP9759 The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950. 2013.
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